Cryptocurrency News

Avalon Bitcoin Miner Maker Canaan Posts $13 Million Q3 Profit in New Filing

Canaan Creative, the world’s second-largest bitcoin miner maker, has made 94 million yuan, or about $13 million, in net profit for Q3 2019, following bitcoin price’s bull run since April this year.

The company revealed in an updated filing of its initial public offering (IPO) application in the US on Wednesday that it has been able to bring home a profit of $13 million on a revenue of 670 million yuan, or $95 million, which records a 40 percent growth over the same period last year.

That would give the company a total net loss of $31.2 million on a revenue of $132 million for nine months ending in September this year, as the firm recorded a net loss $45.8 million for the first half of 2019.

Canaan officially filed for an IPO in the U.S. last month as its third attempt to go public after its first two applications in mainland China and Hong Kong, respectively, fell through.

Bitcoin’s price jump since earlier this year has boosted the sales of Canaan’s Avalon miners, which resulted in the market’s demand outstripping the firm’s supply.

According to the latest filing, Canaan’s main sales volume for 2019 so far comes from its older Avalon 8 series products with 265,756 units sold, whereas its most latest A9 and A10 models recorded a sales volume of 88,034 and 56,556 units, respectively.

All in all, Canaan said in the filing that for the first nine months in 2019, it has sold a total computing power of 7.59 exhashes per second, which accounts for roughly eight percent of bitcoin’s current network hash rate.

Canaan chairman Kong Jianping image via CoinDesk

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